Elaina Patterson, 53, a former personal banker at Bank of America, is facing 15 counts of larceny over $250 from a person over 60 and 16 counts of larceny over $250, according to the Lowell Sun. Patterson is scheduled for a possible change of plea on Monday.

Patterson is accused of pushing her clients into fake investment opportunities that promised high rates of interest, Attorney General Martha Coakley said.

Prosecutors allege she used the money to buy a Cadillac Escalade, a Mercedes SUV and a Lexus, the newspaper reported. She also took expensive vacations to California, Aruba and Las Vegas, officials said.

Patterson also used more than $100,000 to pay for college and private-school tuition for her children.

She allegedly used about $400,000 of the amount to repay customers stolen from earlier in the alleged scheme and the majority of the balance of that stolen money to fund "interest payments" and other payments to the investors.

During an eight-year period between March 2002 and June 2010, prosecutors allege Patterson transferred $1 million from a "shell account" to her personal accounts.

When the investment money began to dwindle, by August 2009 Patterson began stealing from customers, especially older bank customers, prosecutors allege. Patterson allegedly stole from eight of whom were 60 or older and six who were over 80.